Strategic Delay and the Onset of Investment Cascades
研究投资者在可自主选择行动和时机时的羊群行为，发现均衡中必然出现投资级联，且级联爆发前存在策略性延迟，并分析了延迟和信息级联造成的福利损失。
I study the phenomenon of herd behavior in a framework where agents can endogenously choose both the actions and the timing of their actions. I assume that agents may have privately known quality and content of information. A unique symmetric equilibrium in pure strategies is proved to exist and characterized in its closed form. An investment cascade always occurs in the equilibrium, and a strategic delay is shown to exist before the sudden onset of the investment cascade. I also examine the loss of welfare from delay and information cascade